Announcement by the Ministry of Finance on the signing of Global Forum OECD Multilateral Competent Authority Agreements
19/12/24 11:38 | Press release | Economy and Finance
On 19 November 2024, the Minister of Finance, Mr Makis Keravnos, signed the following Global Forum OECD Multilateral Competent Authority Agreements:
- on the Automatic Exchange of Information pursuant to the Crypto-Asset Reporting Framework (CARF MCAA).
- Addendum to the multilateral competent authority agreement on automatic exchange of financial account information (Addendum to CRS MCAA).
The Republic of Cyprus’ participation in the aforementioned Multilateral Agreements was announced during the 17th Plenary Session of the Organisation for Economic Co-operation and Development (OECD) Global Forum, held on 26-28 November 2024 in Paraguay, where a total of 48 jurisdictions signed the CARF MCAA and 51 jurisdictions the Addendum to CRS MCAA.
The CARF MCAA framework provides for the exchange of information between the tax authorities that relates to the taxable crypto asset transactions. This mechanism is considered as an important tool for tax authorities for tackling tax evasion and tax avoidance in the crypto asset sector.
The Addendum to CRS MCAA enhances the exchange of financial account information between contracting tax authorities, contributing towards combating tax avoidance and tax evasion.
(MS/AS)